China's foreign trade to shrink by 7.2pc in 2015, customs reports
Time：2015-12-10
Browse：75
According to the official customs information service haiguan.info, China`s imports will decrease by 14.4 per cent in 2015 compared to the previous year to CNY10.3 trillion ($1.61 trillion), while exports will contract by 1.1 per cent to CNY14.2 trillion ($2.22 trillion), reported New York`s International Business Times.
The prediction factored in the sharp drop in China`s trade volume in the first 10 months of the year. Exports declined by two per cent year-on-year to CNY11.5 trillion ($1.8 trillion) during this period, and imports dropped by 15.2 per cent to CNY8.5 trillion ($1.33 trillion), according to data released by the General Administration of Customs in November.
Imports were mainly affected as energy imports fell 53 per cent since the beginning of the year.
However, the 67-member Asian Development Bank (ADB) last week raised China`s growth projection to 6.9 per cent in 2015, up from a previously expected 6.8 per cent.
"Despite an ongoing housing overhang and excess industrial capacity, China`s economy has remained resilient, supported primarily by private consumption and services," ADB said in a statement, adding that fiscal and monetary stimulus measures should continue to provide support.